topic Re: scared witless, help in Mortgage Loans

scared witless, help

Anonymous — Sat, 22 Dec 2012 07:43:20 GMT

My journey...
My first grandson was born in January. He started crawling in October. We realized we wanted a nice home for grandbabies to visit Nonna and Papa. Had a LO pull credit. My husband was preapproved for a loan. I needed to raise my score as everything was in my husbands name. Started looking for a home and working on my fico score. Found the perfect home that every country grandparent should have. We are from upstate SC y'all. Its an old complely remodeled farm house. Just beautiful. Unfortunately it will take both our incomes for purchase price. Lender, real estate agent, and homeowner encourage us to make an offer as my score is close. We make an offer toward the end of October. Offer is acceptecd. Closing is set for 12-28-12 with homeowner agreeing to extension if needed. Loan officer pulls credit on 12-14-12. Score needs just 5 points to quailify. Scramble to get a past medical deleted. Pull it off thanks to this site! Total of 63 points added since first pull in October. Wow. Filled out app with LO and faxed requested documents 12-20-12. Whew. I've had no sleep, stalking this website. Obsessing over this.
Any of you wonderfully knowledgeable people know what happens next and any guesses on timelines. I know LO has to process everyrhing and I think she will be the one to approve or deny it to be sent on to underwriter. I feel like I worked so hard and now I'm helplessly waiting.
So, for those who read my long winded story I thank you.

Re: scared witless, help

Anonymous — Sat, 22 Dec 2012 07:48:14 GMT

I forgot to say we are doing usda.
And for anyone out there it is possible to take control of your credit! If I can do it you can do it. I didn't have a clue about such things but I'm learning.

Re: scared witless, help

Shogun — Sat, 22 Dec 2012 09:53:47 GMT

I read it, your LO should be holding your hand every step of the way. Looks like you've done what you can do. Hopefully this will be a done deal. Wishing the best and a Merry Christmas.

Re: scared witless, help

Anonymous — Sat, 22 Dec 2012 16:52:16 GMT

You are on your way. I went USDA Guaranteed in Alabama and once I put a contract on a home everything went relatively quick after that. With appraisal, inspection,Lender Underwriting and USDA Underwriting it took approximately one month. What helped was the fact that what ever documentation that was requested I had it to them immediately, Some of the stuff was fustrating but well worth the headache once you close and move in, so don't be afraid because any prize is worth the fight.

Happy Home Buying

Re: scared witless, help

Anonymous — Sat, 22 Dec 2012 17:54:57 GMT

Thanks guys. Congratultions Germaine! I am so excited. I'm hoping the appraisal happens next week after Christmas of course.
I've certainly been a faxing machine and have listened to y'alls advice on saving every copy in case I need to resend.
Merry Christmas!

lRe: scared witless, help

Anonymous — Sat, 22 Dec 2012 20:16:32 GMT

leppy I just want to say you're not alone. I'm in a similar situation, although it's my husband who can't qualify, and I am carrying the entire burden of securing the mortgage myself. Mine is an FHA loan.

At this point things are running smoothly, but I have a huge (hopefully irrational) fear that when it goes to underwriting they will find something to shoot it down. I am not in a community property state, and from everything I've read they can't use my husbands problems against me, but I still worry. My LO is an angel who is in constant contact. She has worked so hard, I keep telling myself she would't dedicate this much work to something she didn't think would fly. My estimated closing date is on or before January 20th, but I have about 95% of eveything theyve asked for turned in.

The next few days will be hard, everything is at a halt for the holidays. I'm hoping they go into high gear when the holidays over. Best of luck to you, hopefully we will both end our stories with a happy new home!

Re: scared witless, help

Anonymous — Sat, 22 Dec 2012 20:32:52 GMT

Aww that's wonderful BH. I'm terrified of underwriting and find myself waiting for the rug to be pulled out from underneath. I keep saying the same thing about my LO! Our closing will be around the 22nd. Oh boy I sure hope we will both living our dream this.time next month!
Keep me posted and Ill update for you so we can compare notes and offer encouragement.
MERRY CHRISTMAS

Re: scared witless, help

maluba — Sun, 23 Dec 2012 08:50:15 GMT

@germaine, may I ask who you used as a lender? We're planning on going USDA too and we're also in AL.

Re: scared witless, help

Anonymous — Mon, 24 Dec 2012 02:22:52 GMT

Maluba I have PM you the information from my MB I hope this help, they are grea bunch of people.

Re: scared witless, help

Anonymous — Wed, 26 Dec 2012 19:49:08 GMT

Update.
Appraisal is set for Monday. LO says things look fine for underwriting and she sees no reason for concern.

Re: scared witless, help

Anonymous — Wed, 26 Dec 2012 20:41:03 GMT

Thats great leppy! My inspection is set for Friday, I don't anticipate any problems with that, the house was very well maintained. Not sure when we'll get an appraisal. Things shut down for the holiday and now we are in the midst of a blizzard, so I doubt my LO will even be in the office today. I'm so ready to get things over with, for better or worse I want to know what the outcome is!!

Re: scared witless, help

Anonymous — Thu, 27 Dec 2012 22:25:53 GMT

BH, did you make it through the blizzard?

Re: scared witless, help

Anonymous — Thu, 27 Dec 2012 23:32:27 GMT

Our stories are similar, except I'm not married or a grandma...I could be, I'm old enough. I have lurked on these pages over a year while rebuilding my credit. Last year my scores were only in the 500's. When I applied a few weeks ago for a home loan my middle score was TU 660-lender pulled thanks largely to the informaiton I've found on these pages. I've found a little farm house, minus the farm. Its in a good location for me in that's its a country setting but its still close to town. Its been completely remodeled and updated. Passed all inspections and the appraisal. USDA here also. Now I just have to sit back and wait and wait and wait....or so it seems. I'm about to go nuts! I can't think about anything else when I am not working. Please keep us updated on your progress and best of luck to you!

Re: scared witless, help

Anonymous — Fri, 28 Dec 2012 01:06:30 GMT

leppy, they were calling it a blizzard on the news, but I've lived through blizzards and quite frankly this was just a heavy snowfall,

However it was anticipated to be much worse so a lot of businesses shut down ahead of time. I'm just glad the holidays are over so we can hopefully move full steam ahead.

Re: scared witless, help

Anonymous — Fri, 28 Dec 2012 19:39:30 GMT

My file was sent to the lender's UW today and should be completed by Thursday. Praying all goes well!

Re: scared witless, help

Anonymous — Fri, 28 Dec 2012 20:04:07 GMT

Wow that's a really quick turnaround! I'm jealous. They told us 9-10 business days and they didn't work Mon/Tues. this week and I know they don't work Tues. next week either, maybe not even Mon. I'm looking at end of next week before we hear something and they've had the file since Tuesday last week.

Re: scared witless, help

Anonymous — Fri, 28 Dec 2012 22:49:55 GMT

My LO said it would be out by Thursday. I sure hope she is right. I don't envy your wait Mike. The not knowing is excruciating. I will feel some relief when/if we get through the lenders UW. Then its on to usda which is a two week turn around. We are going usda guaranteed. I'm praying if it it is approved by lender that it should make it through usda with no problem.
I guess staying busy is our best option, Mike and LA! At least it's back to work for me tonight. That will help. Good wishes and vibes til we make it through. Keep us posted y'all.

Re: scared witless, help

Anonymous — Fri, 28 Dec 2012 22:55:34 GMT

LA your farm house sounds just like mine! When we all close we should post pictures!

Re: scared witless, help

Anonymous — Thu, 03 Jan 2013 03:55:19 GMT

Update.
My appraiser inspected my home Friday instead of Monday. LO said the report would be in by Friday. My file is set to come.out of underwriting tomorrow. I will be glad to know the results of both. Pretty nervous!

My contract expired 12-28. The seller has been on vacation so we haven't renewed it yet. I wonder is there any ramifications to letting it expire? Both the homeowner and the realtor have told us that he had no problem extending the contract. So, I'm not too worried. Also if the appraisal comes back low and we aren't under contract would it hurt us by allowing seller to walk easier? Ok I'm a little more worried than i thought.

BH and LA, how are y'all? Any updates?

Re: scared witless, help

Anonymous — Thu, 03 Jan 2013 13:02:21 GMT

Sounds like you're getting very close leppy!

My appraisal is tomorrow.. I have an email out to my LO asking what our time frame looks like once the appraisal comes in. I may be overly optimistic but I'm hoping I will know by the end of next week if it's a done deal or not.